Bitcoin Volumes Surge As Ruble Plummets
The cryptocurrency craze has spread to countries across Europe as people search for ways to protect their money from war-torn nations. Data from the crypto tracking site Kaiko shows that ruble and Ukrainian hryvnia-to-crypto volumes have shot up in recent days, reaching multi-month highs. Related Reading | Bitcoin Staggers After Putin’s Nuclear Deterrence Alert Warning The data show that trading volumes in the ruble-bitcoin (BTC-RUB) pair are at historic high levels. Last time we saw the same level was in May 2021. The increase in Ruble-denominated Bitcoin (BTC) trade volumes is....
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Amid the conflict in Ukraine with Russia, bitcoin trade volumes tied to Russian ruble pairs have surged in recent days. Metrics recorded by the crypto analytics provider Kaiko indicate that ruble (RUB)-denominated bitcoin volume reached close to 1.5 billion rubles four days ago, on February 24. Data also shows that bitcoin-ruble pairs saw a significant premium on February 28, jumping 16% higher than the global average. Russian Demand for Bitcoin Surges Causing BTC-RUB Premiums Statistics show that there’s been a lot of demand for bitcoin (BTC) stemming from Russia during the last 96....
The dramatic fall of the Russian ruble has resulted in a marked increase in ruble/Bitcoin trades across the market. Russian activity in Bitcoin, which is subject to an unfavorable yet shaky legal status in the country, spiked Tuesday in the aftermath of the ruble’s biggest retreat in 16 years. As CNBC reports, trading ruble for Bitcoin increased almost fourfold on the day, the highest level since December 2013, making Bitcoin one the few currencies to actively benefit from the ruble’s sudden decline. “The high trading volumes with the ruble is to be expected, given the flight away from....
The Russian ruble is in serious trouble. A strengthening dollar, falling oil prices and a lethargic economy have conspired to cause the ruble's latest plunge. On Thursday, the ruble fell by about 4% to exchange at 46.68 to the US dollar. This represents a 14-year low. Cumulatively, the ruble has shed 25% of its value in 2014 alone, making it one of the worst performers in the money markets. Analysts predict that the currency may not fall below the 50-ruble support level, however that remains to be seen especially in light of the news from the country's central bank. The Central Bank of....
Recent news reports have detailed that Russia’s fiat currency, the ruble, was the best-performing currency worldwide and the articles explained that American economists were perplexed by the trend. On Monday, the Russian ruble rose to 55.47 per dollar, which was the highest increase since 2015. While many have dismissed the ruble’s exchange rate, Charles Lichfield, the Atlantic Council’s Geoeconomics Center deputy director, published an editorial called: “Don’t ignore the exchange rate: How a strong ruble can shield Russia.”
Russia’s....
VTB has become the first Russian bank to add the digital ruble to its mobile application. The integration is currently being tested with accounts set up for legal entities. Select customers will be granted access in the coming months and will be able to join the trials. VTB’s Mobile App to Support Digital Ruble Transfers and Payments VTB Bank has led the way among financial institutions in Russia to develop a prototype feature allowing users of its banking app to open accounts and make transfers with the digital version of the national fiat currency. Some clients will be allowed to perform....